Lawrence Yun, chief economist for the National Association of REALTORS recently spoke to a group of local real estate agents about his thoughts on the economy and the outlook for real estate. He is optimistic for many reasons including:
- More jobs in the economy.
- The release of pent up demand from population growth and the large number of renters and of young people living with family. Both groups are going to start looking to buy soon.
- Increasing inventory. Yun said there are many housing markets across the country where Realtors could sell many more homes if only there were more homes to sell.
He does expect interest rates to rise in 2015 which is all the more reason to buy or refinance now! If you have interest in buying or selling, connect with a local realtor about the real estate market in your area.